An insurer has sued the owner of one of the rarest sports cars. Philadelphia Indemnity Insurance Co. says owner Andy House of Lufkin, Texas is not entitled to a payout for what the company says was not an accident.
The insurer alleges fraud against House and his business associate, Lloyd Gillespie, whose interest-free loan allowed House to buy a 2006 Bugatti Veyron for $1.05 million, according to court documents.
Philadelphia wrote House a collector-vehicle policy for the Bugatti that ultimately ended up in a lagoon, along with a 2003 Ferrari for an agreed value of $2.2 million. The insurer is denying payment because the Bugatti was not used as a collector vehicle and also House allegedly misrepresented his ownership—that the vehicle was bought to be resold for a profit.
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